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Ethereum & Monero’s XMR Daily Tech Analysis – 04/09/19

It’s a bearish start to the day as support levels come into play. Failure to move through key levels by late morning could bring heavier losses.
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Ethereum

Ethereum rose by just 0.08% on Tuesday. Following a 4.37% rally on Monday, Ethereum ended the day at $178.96.

A particularly choppy morning saw Ethereum strike an early morning high $180.89 before hitting reverse.

Falling short of the first major resistance level at $183.54, Ethereum fell to a late morning intraday low $175.14.

In spite of the sell-off, Ethereum steered clear of the first major support level at $172.30.

Finding support from the broader market, Ethereum rallied to an early afternoon intraday high $183.15. Ethereum came up short of the first major resistance level at $183.54 before easing back to sub-$180 levels.

A late move through to $181 levels was short-lived, with Ethereum falling back to sub-$180 levels at the day end.

The extended bearish trend, formed at late April 2018’s swing hi $828.97, remained firmly intact. A reversal from June’s current year high $364.49 back through the 23.6% FIB of $257 reaffirmed the extended bearish trend.

At the time of writing, Ethereum was down by 0.54% to $178.0. A mixed start to the day saw Ethereum rise to an early morning high $179.47 before falling to a low $177.37.

Ethereum left the major support and resistance levels untested early on.

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For the day ahead

Ethereum would need to move back through to $179 levels to take a run at the first major resistance level at $183.03.

Support from the broader market would be needed, however, for Ethereum to break through to $180 levels.

Barring a broad-based crypto rally, Tuesday’s high $183.15 and first major resistance level should cap any upside.

Failure to move back through to $179 levels could see Ethereum slide back through the morning low to S176 levels.

Barring an extended sell-off through the day, however, Ethereum should steer clear of the first major support level at $175.02.

Looking at the Technical Indicators

Major Support Level: $175.02

Major Resistance Level: $183.03

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Monero’s XMR

Monero’s XMR gained 2.35% on Tuesday. Following on from a 2.41% rise on Monday, Monero’s XMR ended the day at $75.26.

A relatively range-bound morning saw Monero’s XMR fall to a late morning intraday low $73.18 before finding support from the broader market.

Holding well above the first major support level at $70.71, Monero’s XMR rallied to an early afternoon intraday high $75.79.

Monero’s XMR came up against the first major resistance level at $75.51 before easing back to $74 levels.

A late move back through to $75 levels saw Monero’s XMR come within range of the first major resistance level at $75.51.

For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. The July fall back through the 23.6% FIB of $99, reaffirmed the extended bearish trend, following 15th December’s swing lo $37.18.

At the time of writing, Monero’s XMR was down by 1.95% to $73.79. A bearish start to the day saw Monero’s XMR fall from an early morning high $74.97 to a low $73.61.

Steering clear of the major resistance levels, Monero’s XMR tested the first major support level at $73.7 early on.

For the day ahead

Monero’s XMR would need to move back through to $74.7 levels to take a run at the first major resistance level at $76.31.

Support from the broader market would be needed, however, for Monero’s XMR to break through Tuesday’s high $75.79.

Barring a broad-based crypto rebound, Monero’s XMR will likely struggle to break out from $74 levels.

Failure to move back through to $74.7 levels could see Monero’s XMR fall deeper into the red

A slide back through the first major support level at $73.7 would bring the second major support level at $72.13 into play.

Barring a crypto meltdown, however, Monero’s XMR should steer clear of sub-$70 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $73.70

Major Resistance Level: $76.31

23.6% FIB Retracement Level: $99

38.2% FIB Retracement Level: $137

62% FIB Retracement Level: $198

Please let us know what you think in the comments below.

Thanks, Bob

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